The Global Market for Contact Lenses and Solutions is Projected to Reach US$14.3 Billion by 2024

Improving Lens Functionality and Aesthetic Benefits Drive Growth in the Contact Lenses & Solutions Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Contact Lenses and Solutions market. The global market for Contact Lenses and Solutions is projected to reach US$14.3 billion by 2024, driven by widening wearer base led by aesthetic and cosmetic attributes, continual shift towards daily disposable lenses and introduction of lenses with improved functionality.

Contact lenses are thin lenses placed directly on the surface of the eye for vision correction or for cosmetic purposes. While cosmetics and aesthetics usually serve as the most appealing factors for people to opt for contact lens, others wear it for optical or functional reasons such vision correction.  Global contact lenses market is witnessing steady growth largely buoyed by growing incidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Besides this, rising awareness levels, reduction in wearer dropouts, and increasing uptake in lesser-developed markets continues to buoy market expansion. Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Another factor driving growth is customers trading up to premium products.

Daily disposable lenses represent the fastest growing contact lens category by modality. The rise in uptake of daily disposables is mainly due to attributes such as convenience, high performance, easy maintenance, and lower health risks. Silicon hydrogel lenses continue to display significant growth since introduction, at the expense of traditional materials. Despite high price points, adoption of these lenses is driven by benefits such as higher level of oxygen supply to the cornea and alleviation of hypoxia-related concerns such as corneal swelling and ocular redness. The segment also stands to benefit from the introduction of new toric and multifocal silicone hydrogel daily disposable contact lenses in recent years.  Hi-tech/Sci-Fi contact lenses are being designed and developed for a variety of purposes and applications. The latest focus of few players has been on expanding the usefulness of contact lens to biosensing, drug delivery and visual augmentation among other innovative applications. AR contact lenses and 3D-printed contact lenses are some other high-tech lens types being pursued by lens manufacturers.

As stated by the new market research report on Contact Lenses and Solutions, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.4% through the analysis period, led by growing preference for daily contact lenses, increase in number of sophisticated eye care providers, aggressive promotional strategies of multinational companies to drive adoption in relatively less penetrated regions, and positive consumer reception.

Major players in the market include Alcon Inc., Bausch & Lomb, CooperVision Inc., Ginko International Co. Ltd., Johnson & Johnson Vision Care and St.Shine Optical Co., among others.

The research report titled “Contact Lenses and Solutions: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Middle East, Latin America (Brazil and Rest of Latin America). The global and regional markets are also analyzed by product segments including Contact Lenses (Rigid Gas Permeable, Soft Contact Lens (Spherical Lenses, Toric Lenses, and Multifocals), and Hybrid Contact Lens), and Contact Lens Care Solutions.

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